PBOC to be more active in fending off financial risks

World
Europe

China’s central bank will be more active in deploying macroeconomic controls and fending off financial risks, its governor Zhou Xiaochuan said on Monday.

“Efforts should be made to enhance the initiative and relevance of macro-controls and prevention of financial risks,” Zhou said in comments published on the website of the People’s Bank of China (PBOC).

People's Bank of China (PBOC) headquarters in Beijing, China, May 14, 2017 /VCG Photo

Zhou made the remarks at a central bank meeting on the implementation of agendas laid out by a key Communist Party Congress in October.

Zhou also pledged to push financial reforms and innovations.

China must defuse “major risks” in the economy, and fight poverty and pollution, President Xi Jinping, also general secretary of the Communist Party of China (CPC) Central Committee, said at the October meeting.

Authorities have moved to rein in financial risk and prevent a destabilising build-up of debt in the world’s second-largest economy.

4km

Source(s): Reuters